History of Cooperative Legislation in India
Rochadale Society of Equitable Pioneers, which was world’s first successful cooperative society in 1844, was registered under the Friendly Societies Act as there was no separate Law under which Co-operative societies could be registered. It was only in 1852 a separate law was enacted in Britain for co-operatives in the form of Industrial and Provident Societies Act. Need was felt for a separate Law for Co-operatives as the Companies Law does not facilitated the working of co-operative Societies because this Law is basically framed for facilitating capital creation and profit maximization. Co-operatives, on the other hand, are member centered organizations and aim at maximizing services to members. Co-operatives are generally organizations of the poorer and deprived ones hence, the Law has to be simple and easily understandable. The first Law enacted on the subject in the India was the Co-operative Credit Societies Act (CCSA) of 1904. The salient features of CCSA 1904 are as unde...
